WTI targets may have been hit.There has been a low today. Those on trading floors probably have a target low price that they want to hit and then they will start buying again.
This morning we reached the low of 67.40, and then had a little bounce. That is an approximate 61.8% Fib Retracement of the move from a low of 61.67 on May 20th to the high of 76.98 on July 6th.
These are just numbers on a chart, but they end up as targets on trading floors.
Of course, there's always another downward target. Now we're headed lower.
There is a 50% retracement from the low of 57.25 on March 23 up to the same high of 76.98. That 50% retracement is 67.10 (approximately) That would represent the next low "Support" that might come into play.
I have a facination with these Fibonacci Retracements. It's not always warranted.
cleareye.